Do you have credit problems or have a poor credit history? Most people with poor or no credit often go through difficult times trying to find options for rebuilding their credit score. With the numerous banks and financial institutions offering such services, it can be daunting to find the best institution. There are many options including the Credit one bank platinum visa for rebuilding credit. This card allows people with less than stellar credit to rebuild their credit while enjoying special perks not found in other credit cards for bad credit.
As the name suggests, the Credit one bank platinum visa is a visa card offering cardholders benefits reserved for interested visa users. The card is a good option for those with bad credit and looking for an unsecured credit card to bounce back. It also works for those who want a large credit limit but can’t afford the initial deposits required to get a secured credit card. The Credit one bank unsecured platinum visa card offers a minimum credit of $300, which is much more than the minimum offered by some secured credit cards.
Credit One Bank Platinum Visa Features
Most credit card issuers require that interested customers prequalify for their cards, and the Credit one bank platinum visa for rebuilding credit is not an exception. For prequalification, you should provide some basic information that the credit institution will use to check if you can be approved for the card. Like with other issuers, prequalification doesn’t affect your credit score. But making a hard inquiry, which is the actual application for the credit card, knocks some points off your credit score. Note that prequalifying doesn’t guarantee that you will be approved.
The prequalification process is optional for most issuers. However, it is an integral step in the Credit one bank platinum visa application process. It is through pre-qualification that you will get to know the fees, rates, rewards structure, and other benefits of the card you are applying for. These terms will enable you to make a decision to proceed with the application and incur the hard inquiry or ignore the application. The application review is extensive compared to the prequalification check. Your application can be approved for different terms or rejected based on the bank’s evaluation.
According to Credit One, this step is crucial as it protects subprime customers who can’t afford to drop points from their credit scores. For instance, if a card issuer has three cards with annual fees of $0, $50 and $90, an interested customer with bad credit who can qualify for the $90 card will probably start applying for the $0 first and $50 cards before checking with the $90 card. In such a case, his/her credit score would suffer from the impact of the three applications.
Credit One, in contrast, offers a single card with dozens of potential rewards, rates, and fee combinations. Once you make the application, the issuer approves the card based on an individual’s creditworthiness. Whereas this is an advantage, you wouldn’t know the exact terms and conditions until you have begun the application process. Bailing out at this stage if the conditions are not favorable will have an impact on your credit score.
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The Credit one bank platinum visa for rebuilding credit offers great cashback rewards, though confusing. This is what makes this card stands out from the rest issuers in this category. Whereas you can find other credit card issuers who accept bad credit, very few offer cash rewards for purchases made. The card offers four cashback options. The only problem is that the credit card doesn’t disclose your rates and rewards until you are successfully approved for the card. The options include;
- 1% mobile phone service, groceries, gas, internet, cable and satellite TV service cashback
- 1% groceries, dining purchases, mobile phone service, internet service, cable and satellite TV service, gas and groceries cashback
- 1% cashback on any eligible purchases
- 1% dining purchases cashback and 1% on other purchases
Picking out your possible bonus offer from the options above is impossible. Most people qualify for the 1% cash back on eligible purchases, which include grocery store purchases, mobile phone services, gas, cable satellite, TV services, and dining services. This makes a strong deal as you probably make these purchases on a daily basis.
Cash Back Redemption
Having earned the kickbacks, how do you redeem them? Credit One cashback rewards are deducted automatically from your bill as a statement credit. This is not considered as payments, and you will have to make the minimum monthly payments to keep your account in good standing.
Additional Rewards and Benefits
As mentioned before, Credit One Platinum Visa is a unique unsecured card that offers several reward programs. Apart from the cashback rewards, additional benefits of signing up with this card include;
- Free credit score checks – users of this card can check their Experian credit report monthly for free. This means that you can monitor your account status for any errors and watch as your credit improves.
- Travel – since Credit One Platinum Visa is a Visa credit card, you enjoy all the fabulous travel benefits. Among the biggest advantages include 24/7 roadside assistance, travel assistance when stranded, and rental car collision damage waiver for accidents.
- Shopping – Credit One Platinum Visa also has some sweet shopping perquisites. The cashback rewards program enables users to enjoy purchase protection, which provides extended insurance and warranty to purchased items.
- Free fraud liability – $0 fraud liability implies that the issue won’t charge any amount if your card is stolen and used to make fraudulent payments.
- Customized design – if you like being extra with your items, include the Credit One Platinum Visa in your choice. You get to select from more than 20 designs available. These include artistic designs with traditional makes and more.
Credit One Bank Platinum Visa Fees and Rates
Checking the card’s annual fees and rates is an important aspect when making an application. This is quite difficult and confusing for Credit One Bank but becomes easier once everything is down on paper.
No Security Deposit
Most credit issuers require that interested parties to make a security deposit. In such cases, an individual’s security deposit is matched to their credit limit. This is not the case with Credit one bank platinum visa for rebuilding credit no deposit. You don’t need to make a credit deposit to get the minimum credit limit of $300. Whereas this might not be a high limit to start, it is the best way to save money when opening a credit card to rebuild credit.
Like other credit card issuers, the annual fee remains a mystery until you qualify for the card. Credit One Bank Platinum Visa provides a range that may or may not apply. You will get to know how much you will pay for the initial year and subsequent years once you have been approved for the card. For most people, the first year’s annual fee ranges from $0 – $75. Again, this depends on an individual’s creditworthiness and several other factors.
Fees for subsequent years range from $0 – $99. The best part of this is that the annual fee may be charged monthly. For instance, if your account is charged an annual fee of $75, you will be paying $6.25 every month. Apart from annual fees, below are additional fees charged by the issuer. Note that the fees quoted are for informational purposes only. Terms might vary depending on the individual’s creditworthiness and type of credit card approved.
- Foreign transaction fee – 3% with a minimum of $1
- Cash advance – $5 of each cash advance
- Returned payment fee – $35
- Credit limit increase fee – $0 to $49
- Sales receipt request fee – $6
- Balance transfer fee – $5 to $
- Card replacement fee – $25
- Late payment fee – $37
- Authorized user fee – $19 annually. User should be at least 15 years old
- Duplicate monthly statement fee – $10
Credit One Bank Platinum Visa Security and Alerts
If approved, you can create customized account notifications. This makes it possible to receive notifications if an alert you set up is triggered. Common alerts include;
- Notification when the account balance falls below a specific amount
- When consecutive charges are made
- When the account is charged oversees and many other possible personalized alerts.
- Fairly low APR
- Modest rewards
- Great approval odds
- No enrollment fee
- Customized card designs
- Expensive credit protection
- High annual fees
The Bottom Line
The Credit one bank platinum visa is a great card, but not perfect for everyone. The card is a great option for young adults who want to build their credit, adults with poor credit, and trying to rebuild their credit and parents who want to teach their kids’ controlled spending. With $0 fraud liability, purchase protection, cashback rewards, and approval for individuals with bad credit, this card evidently stands out from the rest.